The business world is
evolving and so is the way how companies manage their payroll and HR
requirements.
Most companies avail of cloud based payroll solutions these
days. And there are various advantages of the same, such as accuracy for
compliance with lower obligation as well as affordability.
This also has a great
impact on the overall business environment. Technology has been a blessing to
us and it is emerging every day to fulfill the demand in the market.
One can complete all tasks
without any hindrance and seamlessly through technology. And companies aren't
falling behind.
Business organizations gain
traction from cloud-based payroll
solution as their jobs are easily done via these solutions.
Now let us start with the
basic – what is cloud-based technology? Cloud-based technology is a simple
process of hosting software or an application on a server that is placed at a
remote location by service providers while people can access it over the net.
You don’t need to install
certain software on your personal or office computer. One can operate this
software at anytime from anywhere.
So these are a few reasons
why you should switch to a cloud-based
payroll solution if you still haven’t.
Manage unorganized employee information
A cloud-based payroll solution can help you track and manage employee
data seamlessly. You won’t struggle as you are, right now.
Right from onboarding to
benefits, pay rate changes, leaves, and performance reviews, everything would
be recorded with the help of the solution.
Companies can even keep
account of assets assigned to employees, such as laptops, bikes, et al.
Read Also | 8 Remarkable Features of Cloud-based Payroll Software
Staying compliant with statutory requirements
This is one of the major
worries of business houses. Cloud technology offers you updated compliance. You
can be totally statutory compliant with cloud
payroll software and you can easily let it take care of your TDS, Form 16,
PF, ESI, and more.
Tackle employee queries
Cloud-based payroll solution offers employee self-service, which provides access to workers to their
respective benefits, leave requests, tax-related information payslips,
attendance date, personal information, etc. You will get fewer calls and emails
with this. Self-service will also boost employee engagement.
HR system
Rolling out a seamless and
punctual payroll requires data to flow into the payroll system, from various HR
systems, such as leave management and attendance management systems.
Read Also | Why a Cloud-Based HR Software is Crucial for Any Business?
Punctual Delivery of Reports to Management
One of the major benefits
of this solution is that Cloud HR & payroll software with a core HR
software module provides value-added reports for HR analytics.
You can easily access labor
law reports, statutory reports and HR MIS reports with its help. Say goodbye to
manual report-making, which has higher chances of mistakes.
You can access all the data
just with the help of a few clicks.
Flexible
Your workers want the
flexibility to work from anywhere. It allows applying for leave or edit
information while being away from the office. One can also access payslips and
tax information with the help of advanced Cloud HR and payroll software.
Cost of payroll
Another benefit of online
payroll software is that it is low investment and high returns. You will be
able to save on recurring costs like the cost of servers, IT support, etc.
Read Also | Reasons why it is crucial to switch to cloud-based payroll software
Benefits of online payroll software
You should shift to online payroll software instead of
manual computing. In a nutshell, here are some points.
· Cloud-based payroll solution helps in reducing IT-related and infrastructure costs, which is as cheap
as a subscription.
·
It can be used from
anywhere. There is no need to log in.
· Service providers take care
of upgraded software, new features, and auto-updates of statutory compliances,
latest security firewalls, etc.
· It is easy to use for
multiple users. It can be used according to user needs, workflows, reports,
MIS, link to different internal systems, etc.
There are many companies
like Dynamic Business Solutions that offer convenient and compact solutions
such as DynaPay for Dynamics 365
Business Central and Dynamo for Dynamics 365 FinOps.
It empowers companies on a daily basis.
To know more, speak
to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971
2 222 2100 or
inbox us your query at dynapay@dynamics.ae OR visit www.dynamics.ae
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